Q4/2019
Financial Statement Bulletin
FINANCIAL STATEMENT BULLETIN Klaus Andersen, CEO Martti Nurminen, - - PowerPoint PPT Presentation
FINANCIAL STATEMENT BULLETIN Klaus Andersen, CEO Martti Nurminen, CFO Q4/2019 February 4, 2020 Financial Statement Bulletin IMPORTANT NOTICE The following information contains, or may be deemed to contain, forward-looking statements. These
Financial Statement Bulletin
The following information contains, or may be deemed to contain, forward-looking statements. These statements relate to future events or future financial performance, including, but not limited to, expectations regarding market growth and development as well growth and profitability of Basware. In some cases, such forward-looking statements can be identified by terminology such as “expect”, “plan”, “anticipate”, “intend”, “believe”, “estimate”, “predict”, “potential”, or “continue”, or the negative of those terms or
events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in,
based on information presently available to Basware and, accordingly, Basware assumes no obligation to update any forward- looking statements, unless obligated to do so pursuant to an applicable law or regulation. Nothing in this presentation constitutes investment advice and this presentation shall not constitute an offer to sell or the solicitation
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Strong performance in profitability
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Order intake EUR 6.9 million for the quarter Revenues in line with full year guidance
Basware named an industry leader by Forrester
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Basware featured in SAP App Center SirionLabs application partnership signed
Basware scores highly in 10 criteria, including:
Basware is a Leader in The Forrester Wave™ report: eProcurement Platforms, Q4 2019
“Basware is a leading choice for CPOs and CFOs who hope to achieve 90% or more process automation across their P2P spend, including simple and complex categories. It excels at automating capture and processing of many different types of invoices, including milestone, time, and periodic billing.“
5/5 in Product strategy 5/5 in Globalization 4.2/5 in Invoice processing
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EXAMPLES OF CUSTOMER WINS SIGNED IN 2019
average deal size 2018 to 2019
growth in new customer acquisition 2018 to 2019
Gross margin, %
percentage points H1/19 → H2/19
Consulting revenue
H1/19 → H2/19
Order intake
H1/19 → H2/19
Adjusted EBITDA
improvement from H1/19 to H2/19
Cloud Gross margin
Gross renewal rate
Net renewal rate
LTV / CAC Ratio
At end of 2019
Cloud Non-Cloud
Cloud growth*
Total growth*
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Adjusted EBITDA
*Organic constant currency basis.
Cloud growth*
Total growth*
Adjusted EBITDA
EUR million
quarterly order intake
customer deal size continued to develop positively
constant currency basis 15% in Q4/19 and 9% in 2019
Annual recurring revenue gross order intake is calculated by summing the total
11 0.0 2.0 4.0 6.0 8.0 10.0 12.0
Q4/2018 Q4/2019
5.9 6.9
0.0 5.0 10.0 15.0 20.0 25.0
FY 2018 FY 2019
21.5 23.7
*On an organic basis at constant currencies
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Net sales by revenue type, EUR thousand Q4/2019 Q4/2018 Change, % Change, %* 2019 2018 Change, % Change, %* Cloud 27,390 23,916 14.5 13.9 101,442 89,482 13.4 12.9 Consulting 6,978 6,063 15.1 15.1 24,962 23,567 5.9 7.7 Maintenance, license and
4,897 6,508
21,889 28,368
Total 39,264 36,488 7.6 7.3 148,302 141,417 4.9 5.9
productivity programme has reduced total costs and improved profitability
than Q3 mainly due to cost seasonality
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EUR thousand Q4/2019 Q4/2018 Change, % 2019 2018 Change, % Net sales 39,264 36,488 7.6 148,302 141,417 4.9 Cost of sales
7.5
2.7 Gross profit 20,970 19,462 7.8 76,810 71,797 7.0 S&M
5.0 R&D
26,815
G&A
Total operating expenses
0.1 Other operating income and expenses
13,242 Operating profit (EBIT)
60.6
Adjustments 85 431
3,781
Depreciation and amortization
50.8
49.2 Adjusted EBITDA 2,480
5,185
Q1/2018 Q2/2018 Q3/2018 Q4/2018 Q1/2019 Q2/2019 Q3/2019 Q4/2019
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EUR thousand Q4/2019 Q4/2018 2019 2018 EBITDA 2,395
1,403 9,217 Capitalizations
Finance expenses
Taxes, excl. deferred taxes
Payment of lease liabilities1
share part 212 327 188 1,229 Gain/loss on sale of assets
Free cash flow metric
improved but did not fully offset the increase in finance expenses
to reach positive free cash flow on a run-rate basis by the end of 2020
1 Payment of lease liabilities in 2018 are included in EBITDA.
cash flows was due to higher profitability, and improvement in working capital
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EUR thousand Q4/ 2019 Q4/ 2018 2019 2018 Cash flows from operating activities 4,724
4,159
Net change in cash and cash equivalents 1,016
20,135 Cash and cash equivalents 31,672 40,747 31,672 40,747 Gross financial debt 60,885 57,206 60,885 57,206 Net financial debt 29,213 16,459 29,213 16,459 Gross debt including leases* 77,689 57,206 77,689 57,206 Net debt including leases* 46,017 16,459 46,017 16,459
*Comparison impacted by IFRS16 methodology change
Net sales to grow at around the same rate as in 2019* Positive EBIT
FOR 2020 BASWARE EXPECTS THE FOLLOWING
*On an organic basis at constant currencies
Strong performance in profitability
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Order intake EUR 6.9 million for the quarter Revenues in line with full year guidance